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19. Derivative securities are always a(n) 2005 a. Form of speculating b. Choice to buy or sell c. Obligation to buy or sell d. Moral

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19. Derivative securities are always a(n) 2005 a. Form of speculating b. Choice to buy or sell c. Obligation to buy or sell d. Moral hazard instrument e. Zero sum game 20. The price of a derivative security is a. the present value of future cash flows b. the sum of future cash flows c. always equal to zero d. sometimes negative e. the future value of future cash flows

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